Financial planner faces fraud charges

Comment on this story
iol news pic Justice blind JvL [email protected] File image

Cape Town - A former financial planner at Nedbank faces fraud charges for allegedly duping clients into making investments for his own benefit.

Andrew Charles van Reenen, 46, is also charged with money laundering.

He made his first appearance on Wednesday in the Bellville Specialised Commercial Crime Court in Cape Town, where magistrate Sabrina Sonnenberg warned him to appear again on July 7.

The charge sheet lists four alleged victims.

They are Victor Patrick Fraser, who allegedly suffered a loss of R576 696, Anthony Patrick Bowden who lost R495 000, Sarah Doubell who lost R250,000 and Siyakholwa Ngcambaza who lost R150 000.

According to the charge sheet, the sole purpose of Van Reenen's engagement with Nedbank was to place long term insurance and investments with Old Mutual, Liberty, Momentum, Sanlam and Nedgroup Life.

He was not allowed to receive any money from or on behalf of clients.

The charge sheet says he held two bank accounts with Nedbank, and a third with FNB.

Sapa


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.